The return of Keith Gill, the internet figure known as “Roaring Kitty” or “DeepFuckingValue,” has once again thrust meme stocks and meme cryptocurrencies into the spotlight.
After nearly three years of silence on social media, Gill posted an image on X (formerly Twitter) that depicted a person leaning forward while holding a video game controller, a meme often associated with intense focus or concentration.
TLDR
- Keith Gill, known as “Roaring Kitty” or “DeepFuckingValue,” made a post on X (formerly Twitter) for the first time in nearly three years, sparking a rally in meme stocks and meme cryptocurrencies.
- GameStop (GME) stock surged over 100%, leading to multiple trading halts, while AMC Entertainment (AMC) stock rose around 30%.
- Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw gains of around 5-7%, while smaller meme coins and tokens themed around GameStop, AMC, and cats experienced more significant price increases.
- Gill’s involvement in the 2021 GameStop short squeeze saga, which caused losses for hedge funds like Melvin Capital, attracted attention from regulators and led to a U.S. Congressional hearing.
- The resurgence of meme stocks and meme coins highlights the influence of internet communities and social media on financial markets.
This seemingly innocuous post was enough to ignite a frenzy in the markets, with stocks and cryptocurrencies that had previously been the subject of internet-driven investment frenzies experiencing significant price surges.
The most notable beneficiary was GameStop (GME), the video game retailer at the center of the 2021 short squeeze saga that Gill helped catalyze.
GameStop’s stock price more than doubled in pre-market trading, prompting multiple trading halts due to excessive volatility.
By the end of the trading day, the stock had gained over 100% in value. Another 2021 meme stock, AMC Entertainment (AMC), saw its shares rise by around 30%.
The cryptocurrency market also felt the ripple effects of Gill’s return. Dogecoin (DOGE), the Elon Musk-endorsed meme coin, and Shiba Inu (SHIB), another popular meme token, both experienced gains of approximately 5-7%.
However, the most substantial price increases were observed in smaller, lesser-known meme coins and tokens themed around GameStop, AMC, and even cats.
One unaffiliated GameStop meme coin on the Solana blockchain surged by more than 550%, while an AMC-themed token saw its value skyrocket by a staggering 1,200%.
Microcap cat-themed meme coins like Kitty (KITTY) experienced gains in the thousands of percent, reflecting the opportunistic nature of crypto developers seeking to capitalize on the hype.
Gill’s involvement in the 2021 GameStop short squeeze saga, which saw a coordinated effort by Reddit’s WallStreetBets community to drive up the stock price and inflict losses on hedge funds like Melvin Capital, attracted significant attention from regulators.
The U.S. Securities and Exchange Commission (SEC), as well as the attorneys general of New York and Texas, launched investigations into the events, and Gill himself was called to testify before a U.S. Congressional hearing.
The resurgence of meme stocks and meme coins highlights the continued influence of internet communities and social media on financial markets.
While the motivations behind Gill’s post remain unclear, it has once again demonstrated the power of these online movements to drive volatility and potentially disrupt traditional investment strategies.
